Traders Purchase Large Volume of Canaan Call Options (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) was the recipient of unusually large options trading on Thursday. Traders bought 37,676 call options on the company. This represents an increase of approximately 350% compared to the typical volume of 8,368 call options.

Institutional Trading of Canaan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CAN. Engineers Gate Manager LP purchased a new stake in Canaan in the 4th quarter valued at about $31,000. New York State Common Retirement Fund lifted its stake in shares of Canaan by 88.1% in the 3rd quarter. New York State Common Retirement Fund now owns 17,704 shares of the company’s stock valued at $32,000 after purchasing an additional 8,290 shares in the last quarter. QRG Capital Management Inc. acquired a new position in shares of Canaan in the 3rd quarter valued at about $33,000. Credit Suisse AG increased its position in Canaan by 31,721.2% during the 4th quarter. Credit Suisse AG now owns 16,547 shares of the company’s stock worth $34,000 after purchasing an additional 16,495 shares in the last quarter. Finally, Bank of America Corp DE increased its position in Canaan by 185.8% during the 1st quarter. Bank of America Corp DE now owns 6,334 shares of the company’s stock worth $35,000 after purchasing an additional 4,118 shares in the last quarter. Hedge funds and other institutional investors own 70.14% of the company’s stock.

Canaan Trading Down 18.2 %

Canaan stock opened at $0.75 on Friday. The stock has a market cap of $175.64 million, a PE ratio of -0.31 and a beta of 3.01. The stock has a 50-day moving average price of $1.53 and a 200 day moving average price of $1.74. Canaan has a 52 week low of $0.75 and a 52 week high of $3.50.

Canaan (NASDAQ:CAN) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.35) EPS for the quarter, hitting analysts’ consensus estimates of ($0.35). The firm had revenue of $49.07 million during the quarter, compared to analysts’ expectations of $33.90 million. Canaan had a negative return on equity of 80.13% and a negative net margin of 195.84%. On average, equities analysts predict that Canaan will post -1.35 EPS for the current year.

About Canaan

Canaan Inc engages in the research, design, and sale of integrated circuit (IC) final mining equipment products by integrating IC products for bitcoin mining and related components in the People's Republic of China. It is also involved in the assembly and distribution of mining equipment and spare parts.